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U.S. markets recover from steep losses
DETROIT, Oct. 10 (UPI) -- The United Auto Workers reached a tentative contract with Chrysler for its U.S. facilities, union officials announced Wednesday.
"The strike against Chrysler at 11 (a.m. Wednesday), following the expiration of an extension to the current labor agreement, will be recessed immediately. UAW Chrysler workers will be notified by the corporation to report to work on their next available shift," UAW President Ron Gettelfinger and UAW Vice President General Holiefield said in the joint announcement on the union's Web site.
Workers walked off the job at 11 a.m., Eastern time, Wednesday when they did not receive word of a settlement. The strike lasted about seven hours.
Details of the agreement were withheld pending ratification votes by UAW Chrysler workers.
The negotiations are the first for Chrysler as a privately owned corporation. Chrysler was acquired in August by private equity firm Cerberus Capital Management LP after spending being a division of German automaker DaimlerChrysler AG for nine years.
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